For those not up on the craze, NFT stands for non-fungible token. It’s a kind of cryptocurrency that allows you to own a unique digital item, and tons of music artists have been getting on board.
“Excited to announce that my first NFT drop is taking place on Saturday (April 3) at 2:00 pm EST on @niftygateway,” the singer tweeted. “The collection will feature new music and limited edition art. I developed the artwork with Strange Loop Studios.”
According to TechCrunch, there will be a flash sale of three different pieces of visual art, each with a different filtered clip of a previously unreleased Weeknd song. There will also be a 24-hour exclusive auction of a one-of-a-kind art piece along with the full, unfiltered version of the song.
“Blockchain is democratizing an industry that has historically been kept shut by the gatekeepers,” The Weeknd says in a statement to TechCrunch. “I’ve always been looking for ways to innovate for fans and shift this archaic music biz and seeing NFT’s allowing creators to be seen and heard more than ever before on their terms is profoundly exciting.”
He adds, “I intend to contribute to this movement and can see that very soon it will be weaved into the music industry’s mechanics.”